The problem is that it's not worth much, it will cost a lot to move it, it might not hold up well during moving because of its age, there may be restrictions in your area about whether/where it can be moved, etc.

FHA loans in the past had a rule where you had to pay down your loan to 78% of what you bought it for ( not your loan amount relative to today's market value) or 5 years min monthly PMI whichever is longer.What probably has happened is the market in FL has taken off considerably so while you have 45% LTV based on your current market valuation your LTV based on your value in FHA's system probably hasn't reached 78% of the price you originally paid for the property otherwise your PMI would have ceased already (This assumes you still have the original loan from 2010 and you have not refinanced into a new FHA loan).Keep in mind if you've refinanced your original FHA purchase loan from when you bought it with another FHA loan (FHA refinance AKA FHA streamline refi) then you will not be grand fathered into your old FHA guidelines because the current guidelines require:- min 11 years or 78% LTV based on purchase price only if you put down 10% or more (which .001% of people who use FHA usually do)- otherwise FHA PMI is now for the life of the loan, until paid off completely, or refinance, or property is sold Since its been longer than 5 years (you bought in 2010) you should be able to pay it down to 78% of the purchase price to remove FHA's PMI automatically (or call them to inform them you paid it down to 78%).The scenario on whether if its worth it to pay down your first loan with the HELOC isnt a simple one if you want to get technical because:- PMI and whether its a write off is based on your tax bracket and if you make more than 110k in AGI or adjusted gross income you may not be able to write it off so this affects the decision as well- the rate on your first loan- the rate on your second loan- usually fee's on HELOC's are $0 because banks want your business, but there are HELOC's out there that cost a couple grand to open so be mindful of thisIf the net at the end of the day is positive it could be worth it or it may not be as well.Hope that helped.

Replacement cost a little over 9,000.

Thanks for the help Albert.Welcome, what I mentioned was the conventional lending route.One way to solve your issue is to - get get a private/hard money lender to lend you the acquisition and rehab cost as "one," loan based on your ARV.

The biggest two reasons why you want as little of a DP as possible are:\1 - You cost, as an investor, is ONLY the cash that comes out of your pocket (i.e....DP). 

At a minimum, we consider:Mortgage P&IInsuranceProperty TaxesAny utilities (gas electric water)General maintenance cost as a % of rents, as a realized costProperty management fees if applicableExpected vacancy rate as a realized cost (we use 1 month vacancy which is realistic for our area and properties)Lastly, we amortize a savings plan for the next large piece of maintenance as a monthly expense since we are fairly conservative.

Always wanted to look into Costa Rica for deals.

We had offered to sell it to them for $509K for a direct sale without realtor fees, no repair cost (as-is).  

If the property is going to be vacant for 75 days, that will cost as much as reducing the rent $375 a month for a year.I would suggest forgetting February and reducing the rent to get the property rented immediately.

That can cost a little money.